The Marshall Islands are planning their own cryptocurrency despite the IMF warning!

Hello dear readers,

today I would like to share another interesting news from the cryptocurrency market with you!

The many advantages of cryptocurrencies are increasingly recognized internationally and now even the Pacific island state of the Marshall Islands would like to introduce its own cryptocurrency.

Here you can find a Focus article about the topic in German: https://www.focus.de/finanzen/boerse/kryptowaehrungen/marshallinseln-wollen-trotz-iwf-warnung-eine-eigene-kryptowaehrung-ausgeben_id_9682301.html

Here is a translation of the News:

The Marshall Islands are planning to release their own cryptocurrency. And this even if the International Monetary Fund (IMF) is warning. The ICO for the sovereign is to be held in 2019.

So far, the US dollar was the sole national currency of the Marshall Islands. As a result, the island state was also slightly influenced by US monetary policy. In March, the oceanic island state prepared for the introduction of its own cryptocurrency. "Sovereign" is her name and the abbreviation "SOV" received.

The Marshall Islands wanted to prove their own independence. The Sovereign Cryptocurrency should also help free itself from the influence of the dollar. In September 2018, however, the International Monetary Fund intervened in the affairs of the island nation.

The plan to introduce a separate cryptocurrency as an official means of payment in addition to the fiat currency met with rejection from the IMF. The IMF warned that the introduction of the cryptocurrency could negatively affect foreign trade relations. In addition, it would damage the seriousness of the island state financially. However, the government of the Marshall Islands is not deterred by this.

David Paul, Assistant to President Hilda Heine, said that the introduction of the SOV would integrate the Republic of the Marshall Islands into the digital economy. He praised the possibility for citizens to send funds with the cryptocurrency immediately, without the need for intermediate banks. In addition, the own cryptocurrency would enable the island state to be able to act even if external assistance is lacking. The ICO for the Sovereign is scheduled to take place in 2019.

News Sources: https://www.focus.de/finanzen/boerse/kryptowaehrungen/marshallinseln-wollen-trotz-iwf-warnung-eine-eigene-kryptowaehrung-ausgeben_id_9682301.html and https://www.bitcoinnews.ch/12276/trotz-iwf-warnung-marshallinseln-planen-eigene-kryptowaehrung/

Greetings and hear you in my next article.

Michael Thomale - @michael.thomale